Buying resale-how can I find out if there is an outstanding mortgage?

[buggie1]

Thank you all for all the valuable info regarding Wyndham. I'd like to bid on some points on ebay but am concerned about the possibility of an outstanding mortgage. Can anyone tell me how to research this. I see many sellers say the deed is "free and clear of any mortgage" but I'm nervous about this.

 

[Culli]

Thank you all for all the valuable info regarding Wyndham. I'd like to bid on some points on ebay but am concerned about the possibility of an outstanding mortgage. Can anyone tell me how to research this. I see many sellers say the deed is "free and clear of any mortgage" but I'm nervous about this.

Make sure it is someone with lots of feedback use your own judgement. Also ask for an estopel. That is the basics and I'm sure others with more experience might have some additional hints. Check out stark66's thread as there is some good ideas in there too.

 

[buggie1]

Thanks Culli, but I thought the estopel only covered maintanence fees.

 

[ecwinch]

Your correct in terms of an estoppel letter from the HOA/mgt company (unless that mgt company also is the developer and providing the financing).

To "estop" means simply to stop, or to prevent. The purpose is to prevent the HOA from holding you responsible for past due assessments that they failed to disclosed in the estoppel letter. That letter then provides you with a defense if they attempted to do so. But that letter would not be conclusive proof that a mortgage does not exist.

I believe a public records search would be the only conclusive proof that a third-party interest does not exist.

 

[Culli]

I don't have my Wyndham estopels on this computer, if I remember Monday I will check it out. I thought the Wyndham one's do mention if they have a loan with Wyn or not? I would think almost all that would have a lien would Wyn loans. The closing company should also take care of the lien search for you. Good question so I'm interested in seeing if anyone has a quick and easy way to find out.

 

[Goofyhobbie]

More Information

To Buggie 1 and all who responded on 2/20/2009

I realize that I am late to the discussion; but my post may help someone else so here goes.

After much research and due diligence I made several contract purchases of Wyndham points on E-Bay this past June. If you want to review what happened as I went through the process simply search for posts by Goofyhobbie.

I specifically chose to do business with Mike Saylor and his associates at VIN and enjoyed the business relationship with VIN and their designated closing company Timeshare Closing Services.

To check out either company's reputation go to this thread and review their TUG rating: http://www.tugbbs.com/forums/forumdisplay.php?f=56

When doing business with Wyndham, Timeshare Closing Services contacts Wyndham by FAX and requests an Estoppel as of a certain predetermined date. (Usually around the time that you would see the points up for sale on E-Bay)

If you choose to do business with Ebay seller: VIN, the VIN representative should be willing to provide you with a copy of the "Estoppel Letter" that was obtained by Timeshare Closing Services prior to the Auction.

The "Estoppel Letter" is basically a FAX Form Letter that apparently was created by Wyndham's Research and TOA department.

The "Estoppel Form Letter" from Wyndham should have the following information included: (What ever is appropriate for the contract will be filled in by Wyndham when Wyndham is asked to provide the Estoppel Letter.)

March 1, 2010​

Name of Company making the Request: (Example: Timeshare Closing Services)

Name of Owner(s) ______________________________
Contract Number**** ________________
Member Number ________________
Statement Type (M/A) ______
PAC (Yes/No) _____
Monthly/Annual Maintance Fee Amount * (Example 50.55 monthly)
Current Due on Account: (Example -0-)
Next Due Date: (Example: April 1, 2010)
Points of Contract (Example 154,000 Every Year)
Points Available: (Example: 0 for 2010/154,000 for 2011)
Use Year of Contract (Expiration Date) (Example: 4/1 thru 3/31)
Is Property Deeded Y/N ____
Is Account in Collections Y/N ____
Previous Year's Property Tax 2009**________
Active Loan Y/N***______

Maintenance Fees apply to current year's points on UDI contracts and to
next years points on all Fixed Weeks contracts converted to points.

*Information provided is good thru above date and is subject to change. If Buyer is a current FSP owner maintenance fees may differ from the above amount.

**Only applicable to Florida Properties. Property taxes are included in maintenance fees on all other properties.

***Payoff quotes please call loan services @ 1-888-739-4016

****Contract numbers are required to obtain the information from the correct account. * Please allow seven days for the completion of all requests**************************************

All transfer of ownership requires a $100 processing fee. Please forward documentation to:

Wyndham Vacation Ownership
Title Services
8427 So Park Circle Suite 500
Orlando FL 32819
FAX: 407-370-5222​